Dubai-based firm, The First Group, denies $200 billion fraud allegation

A Dubai-based real estate firm, The First Group, has denied claims by officials of the Economic and Financial Crimes Commission, EFCC, that it was engaged in a phony real estate scam in which innocent Nigerians were duped to the tune of $200 billion.
In a statement made available to PREMIUM TIMES on Friday, the company described the allegations as “baseless”.
“The First Group is fully transparent in its operations and has a proven track-record of delivering world-class developments in the United Arab Emirates over many years,” the company stated.
Officials of the EFCC on Wednesday sealed the offices of TFG Real Estate, the Nigerian agent of The First Group, situated on the seventh-floor of the Bank of Industry building in the Central Business District, Abuja.
The anti-graft operatives had in May 2016 raided the firm’s offices as part of investigations into the alleged property fraud.
Investigations into the scam, operatives said, revealed that the company, TFG Real Estate Limited, operates in Nigeria in the guise of being The First Group company, a Dubai-based real estate firm, which is not registered in Nigeria.
EFCC insiders said the modus operandi of the company was to lure innocent Nigerians interested in owning properties in Dubai, into parting with their hard-earned money.
“They are mandated to make the payments in installments; however, the payment is deliberately structured in such a way that the debt is difficult to offset, and as soon as one defaults, the money will be “seized” by the company,” an EFCC source had said.

Comments

Post a Comment

Popular posts from this blog

ON THE NEW COLOURS & LOGO FOR CROSS RIVER STATE NIGERIA

Image
Cross River State Logo As part of the celebration of the State’s 50th anniversary, the Governor and his Executive Council have decided to deprive the State of her famed brand identities namely- the colours, motto and logo. A government official told pressmen that the State colours will be changed in the next few days. It is said the colours of red and white will replace the colours of blue and white. The new red and white logo also has a bull in the middle signifying the ‘energy’ behind the activities in the State and the 18 stars encircling the logo represent the 18 local governments of Cross River State. •Analyzing the changes and the reasons for them, one will see that the State Executive Council has no compelling reason to change the State logo. They are simply looking for mundane undertakings just to lay claim to having marked the State’s golden jubilee. How can they change the State logo which is unique in all its ways into that new thing that looks like the ...
enyagist.blogspot.com

PROFESSOR BEN AYADE, THE DIGITAL GOVERNOR OF CROSS RIVER STATE. ( A FARMER THAT SOWS WITH FATE )

Image
A FARMER THAT SOWS WITH FATE With genuine inspirational dreams to revolve Cross Ri ver State into an Industrial hop, the digital Governor, Prof. Ben. AYADE can be likened with the Biblical Farmer that sows with fate for a bumper harvest, therefore, the digital Governor should be seen and estimated as a Unified, a Political enigma and Colossus, a game changer and in general, a Nation builder and Healer with a developmental transition in his mind. Though, the metaphysical transcendence inherent in his dream of Industrializing the State might appear too dark to his Foes, antagonists and adversaries to acquaint themselves with the light in it. However, we can achieve, if we as a people stake down our respective interests and support the Governor of his noble dreams for our State's development and for posterity sake. Let us all remember our CHILDREN, GRAND CHILDREN and GREAT, GREAT GRAND CHILDREN !!
enyagist.blogspot.com